American Energy Group, Ltd. Prevails in Pakistan Court Against Hycarbex
30 Mars 2012 - 4:15PM
Marketwired
The American Energy Group, Ltd. (OTCQB: AEGG) (PINKSHEETS: AEGG)
announced today that it has been successful in obtaining an order
from the Islamabad High Court granting the relief sought by
American Energy in the civil legal proceedings initiated in
December 2011, against Hycarbex and its parent company, Hycarbex
Asia Pte. Limited ("Hycarbex-Asia"), relating to the existing
agreements pertaining to the Yasin petroleum concession in which
American Energy holds an interest. American Energy previously filed
legal petitions seeking injunctions against Hycarbex and
Hycarbex-Asia prohibiting alienation of interests and preserving
the status quo, seeking appointment of an interim receiver to
facilitate ultimate payment to American Energy of its gross
production interests in the Yasin Block concession, and seeking a
court order ordering Hycarbex and Hycarbex-Asia to appear before an
arbitration tribunal in the United Kingdom for final adjudication
of all disputes. In response to these petitions, the Islamabad High
Court issued immediate temporary injunctions preserving the status
quo. In the recent Final Order issued by the Islamabad High Court
on March 27, 2012, all relief sought by American Energy has been
granted, with the exception that American Energy's application for
appointment of an interim receiver for Hycarbex has been deferred
to the arbitration tribunal. Local court rules permit an appeal by
either litigant. Matters which are resolved in the United Kingdom
arbitration proceeding will be considered final, unappealable and
enforceable in the courts of Pakistan. Applicable arbitration rules
permit recovery of costs and fees in addition to other relief
requested. American Energy announced that it intends to immediately
proceed with its arbitration claims as authorized by the Islamabad
High Court.
This news release contains forward-looking statements, including
estimated time lines for future events. Forward-looking statements
include statements concerning plans, objectives, goals, strategies,
future events, or performance and underlying assumptions and other
statements, including potential successful resolution of pending
legal proceedings which may not occur, and including potential
production rates and/or potential reserves, which estimates are
unproven and not based upon actual production data. Forward-looking
statements are subject to uncertainties and risks including, but
not limited to, economic conditions, drilling risks and actual
operating conditions and results, deviation in costs of critical
equipment and services, deviation in production decline rates, the
impact of competition and commodity pricing, court or tribunal
rulings and domestic and foreign governmental regulation and
approvals.
All forward-looking statements in this disclosure, whether made
by, or on behalf of the Company or by or on behalf of the project
operator, are expressly qualified by the above cautionary
statements and any other cautionary statements which accompany the
forward-looking statements. In addition, the Company disclaims any
obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
For further information contact Pierce Onthank President and CEO
(203) 222-7315 mail@aegg.net
American Energy (CE) (USOTC:AEGG)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
American Energy (CE) (USOTC:AEGG)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
Real-Time news about American Energy Group Ltd (CE) (OTCMarkets): 0 recent articles
Plus d'articles sur American Energy Group, Ltd.